23rd Apr 2024 09:13
(Alliance News) - Shares in Petershill Partners PLC rose on Tuesday after it pledged to return up to USD100 million to shareholders via a tender offer for its shares.
The stock was up 5.7% to 196.60 pence in London early Tuesday morning.
Petershill is a London-based investment group focussed on private equity and other private capital strategies. The company is operated by Goldman Sachs Asset Management, having been spun off from Goldman Sachs Group Inc in 2021.
Petershill said the tender offer will be made at a price of 214p per share, a 15% premium to Monday's close of 186p.
Petershill said the offer of up to 37.9 million shares represented around 3.4% of the company's share capital.
The offer is subject to shareholder approval and will remain open until May 31. Proceeds from the offer are expected to be despatched to shareholders in early June.
By Jeremy Cutler, Alliance News reporter
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